A bull market may finally be upon us as the 13-month long bear market looks like it has finally given way to a surge of new buying interest.
The latest rally was enough to help Bitcoin (BTC) cross $8,000 for the first time since last summer. However, a recent downturn promptly followed as investors took profits.
Now, investors seeking outsized returns might want to look for additional opportunities within the crypto market, as many of these digital currencies are just now beginning to reverse year-long downtrends.
Here are several altcoins to consider picking up following the recent downturn:
Ethereum (ETH) | $243.08 | $25.79 Billion Market Cap
Upside: The second-largest digital currency is responsible for the vast majority of decentralized applications and tokens on the market and is leading the charge into decentralized finance. The altcoin should probably be closer to $400 based on Bitcoin’s current price and still has lots of room before it hits its highs from the last bull market.
Downside: Obviously, Ethereum is one of the more high-profile projects with some conflicting views on its development path.
NEO (NEO) | $11.69 | $760.2 Million Market Cap
Upside: Similar to Ethereum, NEO has relative utility as a smart contract platform, and there is notable excitement for the future launch of NEO 3.0. What’s more, NEO recently revealed a $100 million “EcoBoost” ecosystem development fund for the United States.
Downside: NEO is still trading a significant discount from previous all-time highs and many see it as a “vaporware” given its development history and team. The current price area is a tricky one but there is no questioning the upside if the $14-16 range is broken.
Tomochain (TOMO) | $0.648441 | $38.8 Million Market Cap
Upside: With a proof-of-stake blockchain platform that features a 150-masternode architecture, Tomochain is one of the more popular small-cap altcoins currently on the market.
TomoChain supports all EVM-compatible smart contracts, protocols and atomic cross-chain token transfers and is beginning to on-board dapps onto the platform. A focus of TomoChain dapps has been the project’s mobile application, which allows investors to actively stake their tokens for daily rewards and recently added dapp browser functionality. Learn More.
Downside: It’s currently on very few exchanges, with the most reliable being KuCoin, which could deter investors who like to stick to Coinbase and Binance. However, this could also be a catalyst as new exchanges add TOMO.
Fantom (FTM) | $ 0.011594 | $21 Million Market Cap
Upside: Speaking of popularity, Fantom is quietly growing a solid base across social media platforms. Fantom is self-described as the world’s first DAG-based smart contract platform that solves the issues surrounding scalability and confirmation times. While unconfirmed, there’s speculation that the project has been actively partnering with major corporations and government bodies.
Downside: While the team claims it has 2 years of treasury runway, concerns exist over the team’s lack of financial transparency. Similar to Tomochain, this altcoin is really only available on KuCoin at the moment.
Altcoins are where investors tend to make significant money, but the risks associated with investments in any cryptocurrency, at any time, should not go unheeded. Those looking for a place to start might find the list above a nice reference for their due diligence efforts.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.